A couple of miles from where I live, and just a couple of blocks away from Tesla headquarters, is a company called Luminar. It was founded by a 25 year old (at the time) named Russell Austin who quickly struck it rich with a SPAC under the symbol LAZR, and he promptly bought the most expensive house he could find:
The Luminar SPAC was tremendously profitable for the young Mr. Austin, but not so great for its hapless investors. Keep in mind, this drop of 99%+ took place in the context of the most ridiculous bull market in human history, and yet it still performed like this:
His shareholders got wiped out, although Russ was sittin’ pretty in his palace.
At some point, God himself got disgusted by the whole thing.
Anyhoo, I’m sure Mr. Austin will continue to have a huge fortune until his dying day, but it’s a real shame that all the LAZR investors were foolish enough to folly him. At least he got an awesome house out of the deal.
For a while, at least.
